Mylan quarterly revenue misses estimates, shares fall

Drugmaker Mylan missed Wall Street estimates for quarterly revenue on Tuesday, hurt by restructuring at its Morgantown plant in West Virginia and a stronger dollar, sending its shares down 4.5%.

Revenue from its North America business fell 6% to $922.9 million and missed estimates of $952.43 million, largely due to increased competition.

Total revenue fell 7% to $2.50 billion and missed estimates of $2.69 billion, according to IBES data from Refinitiv.

The company reported a net loss of $25 million, or 5 cents per share, in the first quarter ended March 31, compared with profit of $87.1 million, or 17 cents per share, a year earlier.

Excluding items, the company earned 82 cents per share and beat expectations of 79 cents per share.